A company belonging to Monadelphous chair John Rubino has bought $6.7 million worth of shares in WA apartment developer Finbar, adding another link to the pair’s business relationship.
A company belonging to Monadelphous Group chair John Rubino has bought $6.7 million worth of shares in Western Australian apartment developer Finbar Group, adding another link to the pair’s business relationship.
A disclosure issued to the ASX yesterday morning revealed Rubi Holdings Pty Ltd, of which Monadelphous chairman Mr Rubino is a director, had bought 11.8 million shares in Finbar Group for around $6.7 million.
Already an existing investor, Mr Rubino has lifted his stake in the apartment developer to 7.25 per cent and made Rubi Holdings a substantial shareholder in ASX-listed Finbar.
Mr Rubino previously held around 7.9 million shares representing around 2.91 per cent of Finbar shares, as per a 2021 annual report.
Mr Rubino and Finbar have a longstanding relationship, dating back to 2010 when Finbar built the Monadelphous head office on Albany Highway in Victoria Park.
Six years later, the pair struck an agreement to build a three-stage residential complex in Applecross.
Under the joint venture, Mr Rubino contributed the 8,072 square metre site, with Finbar providing working capital, obtaining development finance and undertaking the development, with profits to be shared equally.
The first stage, named Sabina, has recently been completed, with the second complex, Aurora, currently under construction.
A third stage is yet to be launched to the market.
Australian Securities and Investments Commission notices lodged by Rubi Holdings show it has an interest in a wide range of property syndicates, including South Perth Civic Triangle, Satterley Drovers Place, Satterley Madora Bay, Satterley Reilly Road Harrisdale, Qube Centro North and Satterley Piara Waters.
Touting nearly a 50-year career in the construction and engineering services industry, Mr Rubino was appointed to the Monadelphous board in 1991 as managing director and chair.
He resigned as managing director in 2003 and has continued on the board since.
Monadelphous shares closed the day off 0.38 per cent to trade at $12.95.
